Central Bank of Nigeria says that customers are now free to open accounts without deposits. The directive is contained in the monetary, credit, foreign trade and exchange guidelines for fiscal years 2016/2017 guidelines posted by the CBN on its website. The CBN said the new policy directive is in line with its commitment to encourage banks to improve their deposit mobilisation efforts while promoting the financial inclusion initiative. Before now, new account holder will have to open with between N1000 and N5, 000 depending on banks and the type of account..
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